The president of Venezuela, Hugo Chavez, ordered the compulsory acquisition of movable and immovable property, rights and improvements Venezuelan Extras Glass, a glass manufacturer located in the state of Anzoategui.
Government action is for the "Consolidation of public sector industrial capacity in the manufacture of laminated safety glass and tempered glass used in the automotive industry."
Seized assets will be tax-free or without limitation. The Ministry of Science, Technology and Intermediate Industries will be responsible for the measure.
Government's decision is aimed at strengthening public sector capacity for the manufacture of glass used in the automotive industry.
The decree specifies the rights and guarantees of workers in the industry would be protected.